Slovakia’s export of aluminium tubes and pipes during 2018-20 records nominal growth to potential plunge

Slovakia has encountered sustained and steady GDP growth since its inclusion into the European Union in 2004, except for the financial plunge of 2008-2009 and the Eurozone crisis of 2011-2012. The Slovak economy in recent years had returned to growth, powered by the return of internal and European demand. However, the COVID-19 pandemic and the global crisis it caused pushed the country into a heavy recession in 2020, with GDP estimated to have dropped by 7.1% due to a sharp shrink in investments, low foreign demand and a rapid drop in private consumption. The IMF forecasted a growth of 6.9% for 2021, followed by 4.8% in 2022 when GDP should return to its pre-crisis income level.

The landlocked country in Central Europe has registered the importation of 1546 tonnes of aluminium tubes and pipes in 2018-19 and the revenue earnings accounted for the export stood at $10.11 million. The export for 2020 remained at 619 tonnes and the earnings collected to $5.05 million. When the export volume and earnings for 2020 gets added with the existing two years, it resembles 2165 tonnes and $15.16 million respectively.

Slovakia’s export of aluminium tubes and pipes in 2018 was recorded at 772 tonnes and the revenue generation remained at $3.86 million, whereas, in 2019, the export saw a nominal growth by 0.25%, as the export volume rose to 774 tonnes, while the earnings surged to $6.25 million.

The export for 2020 illustrated a downfall by 20.02%, as the export volume dropped to 619 tonnes and the earnings stood at $5.05 million.

The major trading destinations of Slovakia’s export of aluminium tubes and pipes are Czech Rep., Austria, Denmark, Estonia, France, Germany, Hungary, Mexico, Turkey, etc.